Trust me I've read the documentation. Offer is for:* $55m cash*...

Trust me I've read the documentation. Offer is for:

* $55m cash
* $10m in stapled securities
* 25m shares in HAL. No details on what this is expected to be worth so I've conservatively assumed $5m.

All up that makes $70m valuation of RNC. Obviously only $55m of this requires cash. You are right - my statement should have referred to the $55m only as the financing risk rather than the whole value of the deal.

I don't disagree that all parties (myself included) want this to go ahead. My point is that this often isn't enough!

Best of luck to all those involved. Whole lot of upside if the deal goes through.